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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The global aviation industry has been thrown into chaos by a surge in jet fuel prices caused by the U.S./Israeli war against Iran. Airlines have raised fares and revised their financial forecasts. In recent days, jet?fuel costs have increased from $85 to $90 per barrel to $150 to $200 per barrel for an industry that accounts for as much as a quarter its operating expenses. Here is an alphabetical list of the ways airlines are responding to this issue: AIR NEW ZEALAND On March 10, the airline was one of the first airlines to announce a broad increase in ticket prices. It also suspended its fiscal earnings forecast for 2026 due to an unprecedented?volatility on global jet fuel markets. Price increases for economy one-way fares will be NZ$10 ($6) in domestic routes, NZ$20 ($6) in short-haul international flights and NZ$90 ($9) on long-haul services. Further price, network and schedule changes are possible if jet-fuel costs continue to rise. CATHAY PACIFIC AIRWAYS Hong Kong Airlines announced on March 10 that it would be adding additional flights to London and Zurich to accommodate the disruptions in travel routes. The airline stated that it reviews fuel surcharges every month and kept them at $72.90 for flights between Hong Kong, Europe and North America. HONG KONG Airlines Local carrier announced that it will increase fuel surcharges up to 35.2% starting March 12. The biggest increases are on flights between Hong Kong, the Maldives and Bangladesh. British Airways' owner IAG stated on March 10, that it did not plan to increase ticket prices immediately as it had hedged a large amount of fuel for the short-to-mid-term. QANTAS AIRWAYS On Tuesday, the Australian airline announced that it will increase fares for its international routes during the week of March 9. It also said it was considering increasing capacity on existing Europe routes over the next few months. SAS (Scandinavian Airlines). The dominant airline in the Nordic countries announced on 10 March that it had made a "temporary" price adjustment because of rising jet fuel costs. UNITED AIRLINES Scott Kirby, the airline's CEO, said on 6 March that he expected a "meaningful hit"?to its first-quarter results due to the soaring fuel prices. VIETNAM Airline Local officials claim that the Vietnam-based airline has asked for government help to eliminate an environmental tax on jetfuel, because operating costs have risen by 70% as a result of rising jet fuel prices. (Reporting and editing by Matt Scuffham; Marleen Kaesebier, Mireia Merido)
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Spirit Airlines recalls furloughed Pilots as it Prepares to Emerge from Bankruptcy
Spirit Airlines announced on Tuesday that it had called back nearly 500 pilots who were furloughed last year as it prepares to emerge from its second bankruptcy. Last?month?the carrier reached a restructuring deal with its lenders, which would allow it exit bankruptcy before late spring or early?summer. The airline plans to focus on its routes and peak travel times where the demand is highest. Spirit Airlines said that "recalled pilots received a notice of recall on March 9, 2026. Those who accept the notice will return to duty within the timeframe specified in the Collective Bargaining Agreement." CNBC reported on Tuesday that the?recall? was due to a higher than expected pilot attrition. Spirit has not commented on the memo, nor provided any further information. Spirit Aviation Holdings, the parent company of the carrier, filed for bankruptcy in August for a second time. It was struggling to cope with diminishing cash reserves and mounting losses. The ultra-low cost carrier has taken several steps to reduce cash burn and increase funding, but it has struggled to gain traction as travelers have shifted to premium offerings. Spirit Airlines, known for its brightly colored 'all-Airbus' fleet, has built its brand on affordable fares, aimed at budget-conscious travellers who are willing to forgo add-ons such as checked baggage and seat assignments. After the pandemic, passengers chose to travel in comfort and for an experience, rather than opting for ultra-low cost carriers.
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Frontera accepts Parex’s $525 million offer for its Colombian oil and gas assets
Frontera Energy has accepted a $525m offer from Canada's Parex Resources to purchase its Colombian exploration and production assets on Tuesday, beating out a competing bid from GeoPark. The amount is more than Parex's previous offer on February 23, which was $500 million. It covers 17 exploration and production block in Colombia including the Quifa field and the Cubiro Block. *?Parex stated that the combined portfolios would create the largest independent energy company focused on Colombia. *?GeoPark refused?Monday? to increase its $325-million offer. It will receive its $75 million deposit, plus interest, and a $25,000,000 termination payment. Frontera, Colombia's largest private producer, is included in the Parex offer with a contingent payment of $25 million. Parex will assume the outstanding bonds of Frontera for 2028, totaling $310 million. $80 million is covered by a prepay line from Chevron Products Company. Frontera, a Toronto-listed company, said it plans to sign definitive agreements with GeoPark and with?Parex. The agreement is expected to be completed on Tuesday. (Reporting from Nelson Bocanegra, Bogota. Editing by Sarah Morland.)
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Spain-US Relations 'Normal' Despite Trump's Trade Threats, Spanish Minister says
The Spanish Foreign Minister?said on Tuesday that the relations between Spain & the United States "operate normally" despite Donald 'Trump's threat to cut off trade with Madrid due to its opposition to a U.S. - Israeli war against?Iran. Last week, the leftist government led by Prime Minister Pedro Sanchez attracted Trump's anger after it rejected the war and called it reckless and illegal. It also banned U.S. aircraft using bases operated jointly in southern Spain to launch an offensive against Iran. Reporters were told by Foreign Minister Jose Manuel Albares that both the U.S. Embassy in Madrid and Spain's Embassy in Washington operate with "absolute regularity". He said that "our embassy in Washington operates normally and has all of the contacts it should as usual," adding that this was also true for the U.S. Embassy in Madrid. Trump warned on March 3, that he would impose a complete trade embargo against Madrid. He cited Madrid's refusal to meet NATO's new defense?spending goal of 5% of the national output. Spain's deputy premier said that they refused to become "vassals" and later reacted against these threats. U.S. On Monday, U.S. Lindsey Graham, a South Carolina Senator and close Trump ally, told Fox News that Spain had "lost their way" in the fight against ISIS. She called on the U.S. Albares, when asked about Graham's remarks said that there had been no contact with the U.S. regarding the bases in Rota de la Frontera and Moron De La Frontera. These are important?logistical centers used by NATO forces to air-to-air fuel and intercontinental transport. Albares said that an Israeli invasion of Lebanon on the ground would be "a terrible" mistake. He also demanded that Hezbollah, a Shia militia backed by Iran, stop launching rockets at Israel. He said that Spain will send humanitarian aid worth 9 million euros ($10,5 million) to Lebanon, where, according to Beirut, and UNICEF, at least 500 people have been killed, and 700,000 forced to leave their homes.
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IndiGo's CEO resigns after months of mass cancellations
IndiGo announced on Tuesday that CEO Pieter Elbers resigned from his position with immediate effect for personal reasons. This comes months after mass cancellations of flights left thousands of passengers stranded, and attracted regulatory scrutiny. The airline announced that its managing director Rahul Bhattia will manage the company in the interim, until a new manager is hired. Bhatia’s InterGlobe Enterprises, which holds a 35.69% stake in IndiGo operator InterGlobe Aviation as of December, is the largest shareholder. India's biggest airline cancelled 4,500 flights during the first two weeks of December. This highlights concerns about the lack of competition in one the fastest growing aviation markets in the world. The airline apologized to its customers for not changing the roster in time to comply with new government rules on pilot fatigue. Elbers shared the stage with Indian Prime Minister Narendra Modi last year at a global airline meeting in New Delhi. He was able to bask in IndiGo’s role as the organiser of the event. (Reporting and editing by Bernadettebaum, Kirsten Doovan; Kashish Tandon from Bengaluru)
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North Korea and China resume passenger trains service after a six-year break
An official ticketing office said in Beijing on Tuesday that tickets for the first passenger trains?in six-years from Beijing to Pyongyang's capital were sold out before its departure date of?March 12?. The return of rail service suspended in 2020 due to the COVID-19 pandemic, restores an important transport link between North Korea and its main economic ally. According to the Beijing ticketing office, entrepreneurs, government officials, and journalists purchased tickets for the trip, which was restricted to those with business visas. Tickets are still available for the service scheduled for 18 March. North Korea is still largely closed to tourists China's State Railway told the Yonhap News Agency that the Pyongyang to Beijing train will begin its round-trip service four times per week on March 12. Yonhap reported that only the last two carriages would initially be used to transport passengers, most of whom were on official business. Tickets could then be sold to the public depending on seat availability. North Korea is closed to foreign tourists, with a few exceptions, mostly for Russian tour groups, under certain restrictions, according to travel agencies that organise trips to the country. The?agencies reported that before the pandemic Chinese tourists made up the majority of foreign tourists in North Korea. The tour organisers announced on Monday that North Korea has cancelled the Pyongyang Marathon next month for unknown reasons. The race is one of the few events in the isolated country that are open to international competitors. Reporting by Kyu Seok Shim, Beijing Newsroom, Editing by Bernadettebaum, Ed Davies and Andrei Khalip
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Ninety one, an investment manager, increases its aluminium bets in response to the Strait of Hormuz crisis
Ninety one increased its aluminium exposure in its Global Natural Resources Fund after Middle East?conflict caused the Strait of Hormuz to be closed, threatening the global supply of the metal. Around seven million metric tonnes of aluminium is smelted in the Middle East, which represents 9% of global production. George Cheveley who manages this fund with Paul Gooden and Dawid Heyl said, "We could lose an important amount of supply in a market which is already quite tight." "We were over-weight aluminum a week ago, and now we are even more so," said George Cheveley. Cheveley said in an interview that we've added aluminum manufacturers who are not affected, mainly Hongqiao. Rio Tinto, a diversified miner that produced 3.4 millions tons of aluminium last year for the packaging, transport and construction industries is also included in the fund's exposure to the metal. The feedstock for aluminium smelting includes power, carbon, and alumina made from bauxite. Aluminium Bahrain, or Alba, one of the largest smelters in the world, announced force majeure last week, warning customers about delays to shipments. Meanwhile, Qatari smelter Qatalum began to shut down. The problem for EGA, Qatalum, and Alba is that they import alumina. Cheveley said that EGA imports bauxite as well as alumina. "If they don't think that the Straits will open next week, more production will be taken offline." Aluminum production is extremely vulnerable to disruptions in energy supply because smelters can't be quickly shut down and restarted. If you cut?power abruptly, it could damage the pots which hold?the metal. Smelters must reduce production gradually to avoid permanent damage. After pots have cooled down, restarting is a slow and laborious process. This keeps metal off the market for a long time after 'the initial shock. If the conflict continues, global aluminum demand could fall anyway. Cheveley stated that if it drops 5% then the problem will be solved.
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Data shows that diesel exports to Russia from Primorsk are expected to increase by 13% m/m for the period March 1-10.
The data and calculations from trade sources show that the loadings of ultra-low sulphur diesel from the Baltic Sea port of Primorsk between March 1-10 will have risen to a total of 630,000 metric tonnes. This would be an increase of 13% from the 560,000 tons produced in February. Primorsk's diesel exports are increasing as the harsh weather has caused a storage of cargos. After unplanned maintenance several?refineries have also been brought back into operation, increasing fuel production at a time when domestic demand is still low. The traders stated that the global demand for diesel fuel, driven by the Middle East conflict, is also a factor in driving exports of diesel from the Russian port. Due to disruptions in oil supplies, several large Middle -East refineries declared force majeure. This led to diesel shortages. LSEG data indicates that most of the diesel cargoes loaded between?March 1, 2010 and?March 10, 2010 are headed to?Turkey or Brazil.
Sources: Del Fante, CEO of Poste Italiane, will stay on for a fourth term.
Matteo Del Fante, the state-owned 'conglomerate Poste Italiane, will be in charge for a fourth term, according to two sources familiar with the matter.
Del Fante is a former JPMorgan Banker who took over Poste in 2017. Sources said that Del Fante's third term as CEO will end in April. He is expected to be given a new three-year contract.
Poste declined ?to comment.
Poste is Italy's biggest employer, with over 120,000 employees. It has expanded its services beyond traditional mail and parcels to include insurance, payments, saving management, energy, and mobile phone.
Del Fante has tripled Poste's profits and its market value. It is now the leading Italian logistics company, thanks to the e-commerce boom.
Del Fante oversaw?Poste’s investment in Telecom Italia last year. The former phone monopoly is now the largest shareholder. Del Fante partnered with Telecom Italia in a number of initiatives, such as in the cloud?sector.
The Italian Treasury owns a direct 29.3% of the Italian Postal Service, and another 35% is owned by Cassa Depositi e Prestiti. Reporting by Giuseppe Fonte, Rome; Elvira Pollina, Milan; Editing and production by Valentina Za
(source: Reuters)